South Korea Set on Investing $200 Million for Blockchain Tech RnD

South Korea’s Ministry of Science, ICT and Future Planning have come out with a strategy for the development of blockchain technology, committing $200 million for the cause.

The fundraising is expected to be finished by the year 2022. They will be promoting the development and growth of around 100 companies with 10,000 professionals for the initiative.

The main goal will be to advance South Korea’s competitive edge in the blockchain industry.

Blockchain Pilot Projects

The ministry is planning six blockchain pilot projects set to benefit different industries to showcase the technology’s flexibility and usefulness.

These projects focus on:

Cross-country eDocument Distributions

Livestock Record Management

Marine Logistics

Online Voting

Personal Customs Clearance

Real Estate

Aside from these projects, the Minsitry is also planning on supporting the development of Blockchain as a Service (BaaS). Through BaaS, they will be helping companies develop innovative applications for blockchain technology.